New Delhi: Peer to peer lending platform Finzy on Monday announced raising funds worth USD 2.3 million in Pre-Series A round, including USD 1.3 million raised in the first tranche in March 2018.
Pre-Series A round has been funded by senior professionals from BFSI industry and successful entrepreneurs. The company plans to use the funding for geographical expansion, technology investment and stronger distribution networks.
“This round will help us scale our business closer towards break even. Currently, Finzy is a team of 60 passionate colleagues working towards a single minded objective of providing a hassle free experience to our borrowers and create a new sustainable asset class for our lenders,” said founder and CEO, Finzy, Amit More.
“We are achieving this without compromising on our standards and we do not have even a single NPA till date,” added More.
Finzy’s monthly loan disbursements have grown more than 2x in the last 6 months and is expected to grow by an additional 3x from here on by March 2019.
“RBI regulations have ensured that only competent platforms continue to offer Peer to Peer Lending services.
Lenders clearly understand the power of monthly returns at 15.5% per annum. The vacuum that Finzy’s new investment opportunity fills in between fixed deposits and equity is also a powerful value proposition to lenders on the platform. Lenders are loving the experience and returns offered on Finzy and more than 40% of these lenders are returning back to make repeat investments,” said co-founder and CMO, Finzy, Vishwas Dixit.